Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Michael Dell, the CEO of Dell Technologies Inc. (NYSE:DELL), has offloaded a significant portion of his shares in the company.
What Happened: According to a filing with the U.S. Securities and Exchange Commission on Thursday, Dell sold 10 million shares of Class C Common Stock at an average price of $122.4 per share.
This transaction amounts to a total value of over $1.2 billion. The sale was executed directly by Dell, reducing his holdings in the company to 16,912,241 shares.
Don’t Miss:
This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus. Read them carefully before investing.Find out how you compare to the average American couple’s retirement balance — will you make the $1,000,000 mark?
Why It Matters: This significant sale comes on the heels of several notable events involving Michael Dell and Dell Technologies. Last week, Dell was included in the S&P 500 Index.
In June, Dell expressed interest in Bitcoin (CRYPTO: BTC), retweeting a message from Bitcoin advocate Michael Saylor, which sparked discussions about digital scarcity.
Additionally, Dell has been vocal about the rapid advancement of generative artificial intelligence, comparing its swift rise to the early days of the internet. He highlighted that AI’s adoption is happening at a pace much faster than previous technological waves.
In August, Jim Cramer called the bottom on Dell Technologies’ stock, emphasizing the company’s strong relationship with NVIDIA Corp (NASDAQ:NVDA) and suggesting that the stock should be bought at that time.
Most recently, in September, a new analyst coverage began on a bullish note, reflecting positive sentiment around Dell Technologies.
Price Action: Dell Technologies Inc. stock closed at $118.54 on Monday, down 1.40% for the day. In after-hours trading, the stock dipped further by 0.33%. Year to date, Dell’s stock has surged by 58.50%, according to data from Benzinga Pro.
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Keep Reading:
Interest rates are falling but you can still make high yields in real estate. Find out how.
Your biggest returns may not come from the stock market. Invest the way colleges, pension funds, and the 1% do. Get started investing in commercial real estate today.
This article Michael Dell Sells $1.2B Worth Of Dell Stock, Reducing Stake Amid Company's Recent S&P 500 Inclusion And AI Expansion originally appeared on Benzinga.com